Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net loss $ (1,641,226) $ (2,434,556)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation expense (non-cash) 328,661 476,209
Changes in operating assets and liabilities, net    
Other current assets (35,857) (60,842)
Accounts payable, accrued expenses and other current liabilities (311,239) (251,924)
Operating lease right-of-use assets and liabilities, net 4,238 0
Net cash used in operating activities (1,655,423) (2,271,113)
Cash flows from investing activities:    
Purchase of short-term investments (983,307) (2,958,776)
Maturities of short-term investments 0 1,975,333
Net cash used in investing activities (983,307) (983,443)
Cash flows from financing activities:    
Cash proceeds from the sales of common stock under a Capital on DemandTM Sales Agreement 3,192,619 821,625
Taxes paid related to net share settlement of vested restricted stock units (10,738) (16,827)
Net cash provided by financing activities 3,181,881 804,798
Effect of exchange rates (1,652) (10,843)
Net increase (decrease) in cash and cash equivalents 541,499 (2,460,601)
Cash and cash equivalents at beginning of period 7,266,080 8,186,194
Cash and cash equivalents at end of period $ 7,807,579 $ 5,725,593